PfP buys into retirement sector
Places for People has made a move into the retirement business by buying up a portfolio of 271 properties in the sector.
The 66,000-home association bought the properties this week for £18.35 million from Grainger, the UK’s largest listed private landlord.
It has also today formed a partnership with a retirement property rental management company called Girlings.
Girlings lets and manages 2,500 properties in more than 500 retirement developments across the UK.
The company will manage the properties in the south and south east on behalf of Places for People.
Mary Parsons, group director, business development at Places for People, said: ‘There is a huge potential growth market in the retirement sector that we are well positioned to capitalise upon.
‘This market is set to grow by 55 per cent in the next 20 years, and by using our experience and skills across the group, we will offer people a broader mix of housing across all tenures, supported with our domiciliary care, financial, and other lifestyle products alongside Girlings’ specialist management expertise.’
Peter Girling, chairman and chief executive at Girlings Retirement Rentals, said: ‘Our population is ageing, and by 2030 one in three people in the UK will be over 55.
‘We have seen enquiries for our retirement rental properties rise by 32 per cent over the past few years, together with a growing demand for more diverse housing and lifestyle services for older people
‘By working with Places for People we can help meet this increasing demand.’